EDP Renewables secures long-term contracts to sell 100 MW of clean energy in Italy

Monday 12, February 2024

These contracts are for three renewable projects totaling 100 MW in southern Italy. This move strengthens the implementation of Italy's energy transition, aligning with the country's goal of reaching 80 GW of installed capacity by 2030.

EDP Renewables (Euronext: EDPR), a global leader in renewable energy development, was awarded three Contracts for Difference (CfD) totaling 100 MW by Gestore Servizi Energetici (GSE), the Italian institution responsible for managing incentives for renewable energy plants in the country.

With this award, EDPR will supply renewable energy to the Italian grid from three onshore wind projects expected to be operational by 2026 in southern Italy. By selling this renewable energy to the Italian grid for 20 years, EDPR directly contributes to the rapid implementation of the energy transition in Italy, aiming to achieve the 80 GW capacity goal by 2030.

CfD auctions play a crucial role in transitioning to clean energy by ensuring continued development of renewable projects, enhancing competitiveness, and protecting consumers from higher costs during volatile price periods.

With the allocation of these 100 MW, EDPR has already secured 57% of the capacity target for the 2023-2026 period.

"The awarding of these long-term contracts reinforces EDPR's commitment to accelerating the pace of the energy transition in Italy, a country with ample opportunities for deploying such projects. With an installed capacity of over 0.5 GW, EDPR will continue to work towards achieving Italy's decarbonization goals and driving benefits such as employment and economic growth”, emphasizes Roberto Pasqua, Executive Director for South and East Europe at EDP Renewables.

Italy is a key market for EDP Renewables in Europe, where the company entered in 2010 and began operating in 2012. Headquartered in Milan with over 60 employees, the company has projects spread across regions like Lazio, Campania, Basilicata, Puglia, and Sicily, known for their optimal climatic conditions for clean energy projects.

These contracts add to the 76 others awarded in the auction, collectively adding 1 GW of clean energy to the Italian grid. The auction closed with a base price of 77.6 euros/MW.